Jordan Grand Prix and Midland Group today announce the signing of a contract concerning a future take over of Jordan Grand Prix Limited by Midland Group. Under the terms of the contract the team will compete in the 2005 Formula 1 World Championship under the name Jordan Grand Prix and the cars will be known as Jordan Toyota EJ15s. Further details will be announced by Midland Group in due course.

Eddie Jordan said, "I have devoted 35 years of my life to motor racing and have had some really fantastic times. The last fourteen years when I have been lucky enough to be involved in Formula One have been a highlight, naturally, and winning our first Grand Prix in 1998, which broke the grip that the top teams of the time had on the sport, is for me a personal triumph.

I have to thank Bernie Ecclestone for making the introduction to Alex Shnaider of Midland F1 as I wholeheartedly believe that Midland joining with Jordan will make the team stronger. I spoke to a number of interested parties in recent months and these are absolutely the right people. They are totally committed and as we look to the future, we will see this team return to the competitiveness we have proved we are capable of. The sport and the required resources have changed and this deal provides the team with the security and strength it needs.

We have had some unbelievable drivers come through the team and I feel privileged to have worked with every single one of them. The same goes for every member of staff who has ever worked for me, and I am also grateful for the commitment of our sponsors, engine manufacturers, technical partners, shareholders and loyal suppliers throughout the years.

I would like to single out in particular the team’s current staff who have stayed steadfast through some very testing times and I’m pleased that their future is now strengthened.

In many ways I owe everything I have been able to achieve to my wife Marie and all the family because their unrelenting support has allowed me to pursue my dream. For most of my life I have made a business out of what is effectively my hobby – something I realise very few people are lucky enough to experience. I’m glad that for the time being we keep the Jordan name and I am also delighted to confirm that I will remain involved with the team and will be working with Jordan in a variety of commercial and sponsorship capacities as we move forward."